Opening Entry|Questions|Bad Debts|Bad Debts Recovered|Outstanding Expenses|Prepaid Expenses|Depreciation|Interest on Capital|Interest on Drawings|Questions

Accrued Income or Income Receivable|Unearned Income or Income Received in Advance|Interest on Capital|Interest on Drawings|Interest on Loan|Bad Debts|Provision for Bad and Doubtful Debts|Provision for discount on Debtors|Abnormal Loss

Objectives or Need of Adjustments|Closing Stock|Outstanding Expenses or Expenses Due but not Paid|Prepaid Expenses or Expenses Paid in Advance|Depreciation|Financial Statements

M/s Saniya Sports Equipment does not keep proper records. From the following information find out profit or loss and also prepare balance sheet for the year ended March 31, 2017 Drawing Rs 10,000 p.m. for personal use, fresh capital introduce during the year Rs 2,00,000. A bad debts of Rs 2,000 and a provision of 5% is to be made on debto Rs outstanding salary Rs 2,400, prepaid insurance Rs 700, depreciation charged on furniture and machine @ 10% p.a.

Prepare the trading and profit and loss account and balance sheet of M/s Control Device India on March 31, 2017 from the following balance as on that date. Closing stock was valued Rs. 20,000. (a) Interest on capital @ 10%. (b) Interest on drawings @ 5%. (c) Wages outstanding Rs. 50. (d) Outstanding salary Rs. 20. (e) Provide a depreciation @ 5% on plant and machinery. (f) Make a 5% provision on debtors.

Prepare the trading and profit and loss account and a balance sheet of M/s Shine Ltd. from the following particulars. Adjustments 1. Closing stock was valued Rs. 35,000. 2. Depreciation charged on furniture and fixture @ 5%. 3. Further bad debts Rs. 1,000. Make a provision for bad debts @ 5% on sundry debtors. 4. Depreciation charged on motor car @ 10%. 5. Interest on drawing @ 6%. 6. Rent, rates and taxes was outstanding Rs.200. 7. Discount on debtors 2%.